Singapore is the fifth most expensive expat city in the world: ECA International

Hong Kong plunged from its leading slot in last year’s positions by ECA to end up being the 2nd most pricey city. It was beat by New York this particular year, marking completion of Hong Kong’s four-year reign at the top.

Singapore has actually moved up eight positions to become the 5th most costly city in the world for expatriates. This was among the findings of the latest expense of living research released by ECA International.

“Singapore’s growth is significant. Increased interest for rental accommodation in the Lion City, steered by aspects such as the earlier relaxation of Covid-19 restrictions compared to other essential places in the area, was not matched by equivalent rises in the supply of suitable rental,” states ECA International’s local director of Asia Lee Quane.

As a whole, cities in the Asia Pacific region observed their positions roll this year, yet South Korea’s Seoul and Myanmar’s Yangon bucked the pattern to go up a couple of areas. Seoul climbed up one location to ninth in the positions, as well as Yangon climbed 4 spots to 167.

The Botany at Dairy Farm condominium

A boost in rental expenses in Seoul, generated by a securing of rental supply, was the hidden factor supporting the greater expense of living. While in Yangon, the increase was due to ongoing socio-political issues creating considerable rising cost of living for everyday products and services.

“Prices for products as well as solutions in Hong Kong climbed at multi-year highs, presenting that the city was not exempted from the surge of rising cost of living we have viewed all over the globe in the past year,” states Quane. However, the city dropped this year because the increase in costs of daily items as well as services was solidified by falls in accommodation expenses, he includes.

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